Hsbc Holdings PLC Sells 18,803 Shares of ScanSource, Inc. $SCSC

Hsbc Holdings PLC trimmed its holdings in ScanSource, Inc. (NASDAQ:SCSC) by 57.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 14,166 shares of the industrial products company’s stock after selling 18,803 shares during the quarter. Hsbc Holdings PLC’s holdings in ScanSource were worth $511,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of SCSC. Strs Ohio grew its position in ScanSource by 12.3% in the 1st quarter. Strs Ohio now owns 18,300 shares of the industrial products company’s stock valued at $664,000 after acquiring an additional 2,000 shares during the last quarter. Pzena Investment Management LLC lifted its position in shares of ScanSource by 0.6% during the first quarter. Pzena Investment Management LLC now owns 913,239 shares of the industrial products company’s stock worth $33,151,000 after purchasing an additional 5,783 shares during the last quarter. Inspire Investing LLC lifted its position in shares of ScanSource by 19.3% during the first quarter. Inspire Investing LLC now owns 14,193 shares of the industrial products company’s stock worth $515,000 after purchasing an additional 2,301 shares during the last quarter. Janney Montgomery Scott LLC boosted its stake in shares of ScanSource by 10.6% during the first quarter. Janney Montgomery Scott LLC now owns 32,082 shares of the industrial products company’s stock valued at $1,165,000 after purchasing an additional 3,064 shares during the period. Finally, Louisiana State Employees Retirement System purchased a new stake in shares of ScanSource during the first quarter valued at $319,000. 97.91% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms recently commented on SCSC. Wall Street Zen downgraded shares of ScanSource from a “buy” rating to a “hold” rating in a research note on Saturday, July 18th. Weiss Ratings raised shares of ScanSource from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, May 29th. Finally, Zacks Research upgraded shares of ScanSource from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 7th. Three research analysts have rated the stock with a Hold rating, According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $43.00.

ScanSource Price Performance

Shares of SCSC stock opened at $56.62 on Friday. ScanSource, Inc. has a twelve month low of $33.76 and a twelve month high of $58.94. The company has a current ratio of 1.86, a quick ratio of 1.20 and a debt-to-equity ratio of 0.11. The stock has a fifty day simple moving average of $51.00 and a two-hundred day simple moving average of $43.20. The stock has a market capitalization of $1.15 billion, a price-to-earnings ratio of 17.16, a P/E/G ratio of 0.88 and a beta of 1.28.

ScanSource (NASDAQ:SCSC) last released its quarterly earnings data on Thursday, May 7th. The industrial products company reported $0.94 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.03. ScanSource had a return on equity of 9.35% and a net margin of 2.38%.The firm had revenue of $758.59 million during the quarter, compared to the consensus estimate of $738.55 million. During the same period in the previous year, the company posted $0.86 earnings per share. The firm’s quarterly revenue was up 8.8% on a year-over-year basis. On average, analysts predict that ScanSource, Inc. will post 3.9 EPS for the current fiscal year.

ScanSource Profile

ScanSource, Inc is a global provider of technology products and solutions designed to help businesses enhance operational efficiency and customer engagement. The company specializes in the distribution of point-of-sale (POS) systems, barcode and data capture devices, networking and communications equipment, and value-added software and cloud services. By combining hardware, software and professional services, ScanSource supports channel partners in delivering end-to-end solutions across multiple industries, including retail, hospitality, healthcare and logistics.

Founded in 1992 and headquartered in Greenville, South Carolina, ScanSource has built a broad international footprint, serving customers throughout North, Central and South America as well as Europe, the Middle East and Africa.